Home insurance typically provides some degree of coverage for the dwelling (plus attached fixtures and structures), personal property of the occupants, liability and living expense if you need to be relocated during repairs.  Some folks assume that if you have homeowners insurance and disaster strikes your house, the insurance will pay to have your home rebuilt and refurnished.  In actuality, the industry terms within your policy dictate how much you will get paid. The following terms will all offer different payouts:

Replacement cost – coverage that will pay for replacement up to the limits stated in your policy

Guaranteed replacement cost – unlimited coverage to replace as long as you have followed the company’s guidelines

Extended replacement cost – replacement up to the limits stated in your policy plus an extra predetermined percentage

Actual cash value (ACV) – the replacement cost minus depreciation

Read our blogs for more interesting tips or just give us a call and talk to an expert today.

Are You Covered? Don’t Be Caught Underinsured!

2019-06-27T14:39:27+00:00June 14th, 2019|Homeowners Insurance, Personal Insurance|

Are you covered? Don’t be caught underinsured! By Melissa Kamp Consider the cost of rebuilding your home to avoid being underinsured in Fairfield and Westchester County. Does your homeowner's policy have sufficient coverage limits to help you recover fully after a loss? Will you avoid incurring serious financial burdens? "Am [...]

Buying Waterfront Property in Connecticut and New York

2019-06-25T16:56:02+00:00March 22nd, 2019|Homeowners Insurance|

Buying Waterfront Property in Connecticut and New York When home buyers are considering the purchase of waterfront or coastal property in Fairfield or Westchester County, there are several insurance factors they need to understand.  We always recommend consulting an insurance professional prior to making an offer on your new home. [...]

2019 Spring Home Buying Market: Insurance Tips Before You Buy

2019-06-24T15:37:17+00:00February 11th, 2019|Homeowners Insurance|

2019 Spring Home Buying Market: Insurance Tips Before You Buy Each spring in Fairfield and Westchester Counties, the spring home buying market begins. This is a busy time of year for local realtors, lawyers, mortgage brokers and insurance agents. Clients are moving to the area for the first time, up/downsizing [...]

When Trees Fall

2019-06-26T14:13:58+00:00December 18th, 2018|Homeowners Insurance|

If a tree falls, who’s responsible? By Marty Skidmore Storms are just one cause of downed trees that damage property. Living in Fairfield or Westchester County we have the coastal exposure as well as heavily wooded regions within a few 1000 feet of the water. This combination creates perfect conditions [...]

Personal Insurance: Trends in Construction Costs in Connecticut and New York

2019-06-26T14:53:56+00:00November 8th, 2018|Homeowners Insurance|

Trends in construction costs By Mandelyn Gerhart Material and labor costs are contributing to higher construction costs in Fairfield and Westchester County. Reconstruction cost – or replacement cost – is the cost of hiring a contractor to replace your home as it is, using materials and design of the same [...]